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Dear Eric,

COMPANY RESEARCH

Mwana Africa - Falling into place Click for report

After reaching a satisfactory resolution with Bindura Nickel�s (BNC) creditors and erstwhile staff, Mwana Africa has this morning announced it will proceed with the underwriting of BNC�s proposed US$21m rights issue. Once completed, the Trojan mine will be returned to production with first production of nickel scheduled for seven months after the completion of the funding (around April 2013).

Formed in 2003 and listed in 2005, Mwana Africa is the first AIM-listed African owned and managed resource company. Its scope is pan-African and multi-commodity as it seeks to bring appropriate management skills to bear on a diverse range of assets.

Year end	Revenue (US$m)	PBT (US$m)	EPS (c)	P/E (x)	Yield (%)
03/11	43.7	(24.9)	(4.38)	N/A	N/A
03/12	81.3	(1.2)	(0.09)	N/A	N/A
03/13e	104.3	31.5	1.58	3.9	N/A
03/14e	127.7	31.0	1.58	3.9	N/A

Mwana Africa is a research client of Edison Investment Research.


Price	3.9p
Listing	AIM
Sector	Mining
Market cap	�43m
Analyst	Charles Gibson

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Mwana Africa Plc

	PRODUCER
	CODE : MWA.L
	ISIN : GB00B0GN3470

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Mwana Africa is a nickel and gold producing company based in United kingdom.

Mwana Africa produces nickel, gold, diamonds in South Africa and in Zimbabwe, develops nickel in Zimbabwe.

Its main assets in production are FREDA REBECCA in Zimbabwe and KLIPSPRINGER DIAMOND MINE in South Africa, its main assets in development are HUNTER’S ROAD and BINDURA NICKEL CORPORATION in Zimbabwe and its main exploration properties are CAMAFUCA in Angola, MALIGREEN and MAKAHA in Zimbabwe, KATANGA CONCESSIONS, MIBA and ZANI-KODO in Congo Dem. Rep. of, AHANTA in Ghana and BK16 in Botswana.

Mwana Africa is listed in United Kingdom. Its market capitalisation is GBX 3.3 billions as of today (US$ 4.3 billions, € 3.6 billions).

Its stock quote reached its highest recent level on May 21, 2004 at GBX 93.80, and its lowest recent point on December 31, 2015 at GBX 0.30.

Mwana Africa has 1 692 145 443 shares outstanding.

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